Husqvarna (OM:HUSQ B) has put fresh numbers on the table for Q2 2026, reporting revenue of SEK14.4b and net income of SEK1,030m, which translates to basic EPS of SEK1.80, with the trailing twelve months showing revenue of SEK45.0b and net income of SEK1,423m, or basic EPS of SEK2.49. Over the past few quarters, the company has seen quarterly revenue range from SEK7.4b in Q4 2025 to SEK15.3b in Q2 2025, while basic EPS moved from a loss of SEK1.35 in Q4 2025 to SEK2.76 in Q2 2025 and SEK1.80 in the latest quarter. This gives investors a clearer sense of how the earnings profile has shifted. With net margin over the last year sitting in the low single digits and edging higher, this result keeps the focus firmly on how efficiently Husqvarna is converting its top line into sustainable profit.

See our full analysis for Husqvarna.

With the headline numbers set, the next step is to see how this earnings run rate lines up against the widely held narratives about Husqvarna's growth, risks, and overall quality.

See what the community is saying about Husqvarna

Margins edge higher to 3.2% on trailing basis

• Over the last 12 months, Husqvarna converted SEK44,976 million of revenue into SEK1,423 million of net income, which works out to a 3.2% net margin compared with 2.7% a year earlier.
• Supporters with a bullish view point to this higher margin and 11.2% earnings growth over the year as early proof that the business mix in areas like robotics and smart irrigation is starting to pay off, yet:
  • Five year earnings still declined on average 25% per year, so the recent margin lift has not erased the longer stretch of weaker profitability.
  • Consensus in the dataset expects earnings growth of about 22.6% a year ahead, so the current 3.2% margin has to keep moving up from here to match those expectations.

Husqvarna’s valuation gap vs peers stands out

• At a share price of SEK36.50, Husqvarna trades on a trailing P/E of about 14.7x, compared with roughly 27x for peers and 28.1x for the Swedish Machinery industry, while the DCF fair value in the dataset is SEK77.59.
• What stands out for bullish investors is how this lower P/E and the DCF fair value of SEK77.59 sit alongside improving margins and recent 11.2% earnings growth, but:
  • The same dataset shows revenue growth of only 2.9% per year over the last 12 months, so the valuation gap is not backed by rapid top line growth yet.
  • The stock price remains below the consensus analyst target of SEK45.40, so the market is not fully aligning with either the DCF fair value or the more optimistic growth forecasts at this stage.

On these numbers, bulls argue the current P/E and gap to DCF fair value leave room for upside if Husqvarna can keep improving margins and deliver on the earnings growth implied in forecasts, while current pricing still reflects caution about its mixed multi year track record and modest revenue growth. 🐂 Husqvarna Bull Case

Mixed track record keeps bears engaged

• Although reported earnings grew 11.2% over the last year, the same dataset shows that over five years Husqvarna’s earnings declined on average 25% per year and the dividend history is described as unstable.
• Critics with a bearish stance argue that this pattern of earlier earnings decline and dividend instability can make the recent 3.2% net margin and 2.9% revenue growth rate look fragile, especially when:
  • Forecast revenue growth of about 2.9% a year is only modestly ahead of the wider Swedish market projection of a 1.7% annual decline, so Husqvarna is not projected to grow dramatically faster than its home market.
  • The consensus price target of SEK45.40 is only moderately above the current SEK36.50, suggesting that even analysts in this dataset are not assuming a sharp rerating without further proof of durable profit growth.

Skeptics warn that until Husqvarna shows several years of consistent earnings and dividend stability, the mixed history behind these figures will keep many investors cautious even with a P/E discount and modest growth expectations. 🐻 Husqvarna Bear Case

Next Steps

To see how these results tie into long-term growth, risks, and valuation, check out the full range of community narratives for Husqvarna on Simply Wall St. Add the company to your watchlist or portfolio so you'll be alerted when the story evolves.

With sentiment split between Husqvarna’s recent progress and its mixed history, now is the time to look through the full data and decide where you stand. To weigh both sides in one place, review the 4 key rewards and 1 important warning sign

See What Else Is Out There

Husqvarna still carries a mixed multi year record, with modest 2.9% revenue growth, past earnings declines and an unstable dividend profile that may unsettle some investors.

If that patchy history worries you and you would rather focus on companies with steadier profiles, start comparing options using the 290 resilient stocks with low risk scores today.

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

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